Title: Basis of Presentation
Accounting Policies: Federal program expenditures included in the accompanying schedule are presented on the modified cash basis of accounting, the same as the Town of Lusk, Revenues are recognized when they are received. Expenditures are recorded when cash is paid; however, the Town has accrued current liabilities related to payroll and goods and services provided, and long-term obligations related to financing and the Town's protion of an unfunded pension liability. The information in the schedule is presented in accordance with requirements of Title 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to utilize the 10 percent de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes federal grant activity of the Town of Lusk, Wyoming (the Town). The SEFA presents only a selected portion of the operations of the Town, it is not intended to and does not present the finanical position, changes in net position, or cash flows of the Town.
Title: Summary of Significant Accounting Policies
Accounting Policies: Federal program expenditures included in the accompanying schedule are presented on the modified cash basis of accounting, the same as the Town of Lusk, Revenues are recognized when they are received. Expenditures are recorded when cash is paid; however, the Town has accrued current liabilities related to payroll and goods and services provided, and long-term obligations related to financing and the Town's protion of an unfunded pension liability. The information in the schedule is presented in accordance with requirements of Title 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to utilize the 10 percent de minimis indirect cost rate.
Federal program expenditures included in the accompanying schedule are presented on the modified cash basis of accounting, the same as the Town of Lusk, Revenues are recognized when they are received. Expenditures are recorded when cash is paid; however, the Town has accrued current liabilities related to payroll and goods and services provided, and long-term obligations related to financing and the Town's protion of an unfunded pension liability. The information in the schedule is presented in accordance with requirements of Title 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Title: Indirect Cost Rate
Accounting Policies: Federal program expenditures included in the accompanying schedule are presented on the modified cash basis of accounting, the same as the Town of Lusk, Revenues are recognized when they are received. Expenditures are recorded when cash is paid; however, the Town has accrued current liabilities related to payroll and goods and services provided, and long-term obligations related to financing and the Town's protion of an unfunded pension liability. The information in the schedule is presented in accordance with requirements of Title 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to utilize the 10 percent de minimis indirect cost rate.
The Town has not elected to utilize the 10 percent de minimis indirect cost rate.
Title: Subrecipients
Accounting Policies: Federal program expenditures included in the accompanying schedule are presented on the modified cash basis of accounting, the same as the Town of Lusk, Revenues are recognized when they are received. Expenditures are recorded when cash is paid; however, the Town has accrued current liabilities related to payroll and goods and services provided, and long-term obligations related to financing and the Town's protion of an unfunded pension liability. The information in the schedule is presented in accordance with requirements of Title 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to utilize the 10 percent de minimis indirect cost rate.
The Town did not pass any portion of federal awards to subrecipients.
Title: Loans Outstanding
Accounting Policies: Federal program expenditures included in the accompanying schedule are presented on the modified cash basis of accounting, the same as the Town of Lusk, Revenues are recognized when they are received. Expenditures are recorded when cash is paid; however, the Town has accrued current liabilities related to payroll and goods and services provided, and long-term obligations related to financing and the Town's protion of an unfunded pension liability. The information in the schedule is presented in accordance with requirements of Title 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to utilize the 10 percent de minimis indirect cost rate.
For loans without continuing compliance requirements, such loans have been excluded from the table below. Furthermore, adjustments to the June 30, 2023 balances have been made to conform to this principle. The outstanding loans during the year are included in the SEFA. The Town had the following loan balances associated with federal funding outstanding at June 30, 2024: